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Restoring Business Growth; 3 Step Business Turn -around

Restoring business growth or turn-around

Do you need a business turn-around plan?

Often new hires, either a CEO, or CMO, coincide with a challenge of restoring business growth. But how? Here are three steps for a fast and effective business turn-around.

1. Understand the effect on your business

First, understand the effect on your business or portfolio as a whole. How significant or material is the effect in relation to the business as a whole? If it is small then delegate responsibility to solve the problem, if large, then there is a case for you to invest more of your own time.

2. Diagnose the problem

Then diagnose the cause as quickly as possible. Ask questions and form your own opinion of the cause and the ability of your team to solve the problem. The scale, complexity, political sensitivities of the problem will affect the ability of your own team to develop a solution.

Then diagnose the cause as quickly as possible. Ask questions and form your own opinion of the cause and the ability of your team to solve the problem.

  • First, is the problem a one-off, recurring or ongoing?
  • Second, is the problem caused by an internal operational issue or external market forces?
  • Third, is the problem product, promotion or strategy related?
  • Fourth, is it people or process related?
  • Finally, what plans do we have to deal with the issue?

To check that the problem is understood, and to corroborate this is the case, ask for a paper discussing the issue as well as recommending options to deal with it.

The scale, complexity, political sensitivities of the problem will affect the ability of your own team to develop a solution.  If your own team struggle to be objective, seek help from a third party. Using experienced consultants and conducting original customer research helps you remain objective and apolitical.

3. Drive change

When you fully understand the issues and then create a marketing strategy and business turn-around plan.  However, the nature of your approach should depend on the effect of the business problem, and the ability of your team to solve the problem. If the problem is less significant, prefer a light touch approach. If the problem is significant or catastrophic, prefer a more directive and hands-on approach.  First, check that the problem is understood. To check ask for a paper discussing the issue as well as recommending options to deal with it. Then drive action. If the problem reaches across departments, set-up a task force to deal with it and ensure clear access to relevant senior management. If the problem is beyond the ability or experience of your current managers, then strengthen the team or replace the key people.

What do you think?